I mercati di crescita per le PMI

La tesi studia ed approfondisce la disciplina dei mercati di crescita per le PMI, indagando il regime normativo delle società ivi quotate. Considerata la struttura composita dell’architettura regolamentare (direttive e regolamenti europei, fonti primarie nazionali e regolamento del mercato) l’indagine adotta una prospettiva olistica sulla regolamentazione, al fine di individuare principii comuni e risolevere dubbi interpretativi. Inoltre, l’approfondimento in chiave storica e di economia politica, volto a ricostruire le ragioni per l’introduzione dei mercati di crescita e gli obiettivi perseguiti dal legislatore europeo, permette di identificare le rationes sottostanti alle disposizioni e di facilitarne l’interpretazione. Il primo capitolo approfondisce l’evoluzione storica e istituzionale dei mercati di crescita per le PMI e gli obiettivi che il legislatore europeo si prefigge di raggiungere. Il secondo capitolo affronta invece il processo di registrazione dei sistemi multilaterali di negoziazione come mercati di crescita. Il capitolo indaga quali siano i requisiti affinché un sistema multilaterale possa essere registrato come mercato di crescita, come si svolga il processo di registrazione e quale sia il ruolo dell’autorità di vigilanza. Il terzo capitolo approfondisce quali siano le disposizioni di diritto societario applicabili agli emittenti quotati sui mercati di crescita. Infatti, mentre la disciplina per gli emittenti quotati sui mercati regolamentati non è direttamente applicabile a queste società, non si può neppure escludere in via preliminare che determinate disposizioni non siano applicabili in via analogica, a causa delle specifiche caratteristiche conferite a questi emittenti ed ai titoli ammessi alla negoziazione dalla quotazione. Il quarto capitolo analizza diverse disposizioni relative all’informazione, intesa in senso ampio. Infine, il quinto capitolo affronta la disciplina dell’o.p.a. obbligatoria prevista dal regolamento del mercato di crescita AIM Italia.

Europe's single supervisory mechanism and the long journey towards banking union. Bruegel Policy Contribution 2012/16, 4 October 2012

Problems in the banking system are at the core of the current crisis. The establishment of a banking union is a necessary (though not sufficient) condition for eventual crisis resolution that respects the integrity of the euro. The European Commission’s proposal for the establishment of a Single Supervisory Mechanism and related reform of the European Banking Authority (EBA) do not and cannot create a fully-fledged banking union, but represent a broadly adequate step on the basis of the leaders’ declaration of 29 June 2012 and of the decision to use Article 127(6) of the treaty as legal basis. The proposal rightly endows the European Central Bank (ECB) with broad authority over banks within the supervisory mechanism’s geographical perimeter; however, the status of non-euro area member states willing to participate in this mechanism, and the governance and decision-making processes of the ECB in this respect, call for further elaboration. Further adjustments are also desirable in the proposed reform of the EBA, even though they must probably retain a stopgap character pending the more substantial review planned in 2014.

The Single Supervisory Mechanism: A Sound First Step in Europe’s Banking Union? Egmont European Affairs Paper, March 2013

The financial and economic crisis has hit Europe in its core. While the crisis may not have originated in the European Union, it has laid bare structural weaknesses in the EU’s policy framework. Both public finances and the banking sector have been heavily affected. For a long time, the EU failed to take into account sufficiently the perverse link that existed between the two. Negative evolutions in one field of the crisis often dragged along the other in its downward spiral. In June 2012, in the early hours of a yet another EU Summit, the leaders of the eurozone finally decided to address the link between the banking and sovereign debt crises. Faced with soaring public borrowing costs in Spain and Italy, they decided to allow for the direct European recapitalisation of banks when the Member State itself would no longer be in a position to do so. In exchange, supervision of the banking sector would be lifted to the European level by means of a Single Supervisory Mechanism. The Single Supervisory Mechanism, or SSM in the EU jargon, is a first step in the broader revision of policies towards banks in Europe. The eventual goal is the creation of a Banking Union, which is to carry out effective surveillance and – if needed – crisis management of the banking sector. The SSM is to rely on national supervisors and the ECB, with the ECB having final authority on the matter. The involvement of the latter made it clear that the SSM would be centred on the eurozone – while it is to remain open to other Member States willing to join. Due to the ongoing problems and the link between the creation of the SSM and the recapitalisation of banks, the SSM became one of the key legislative priorities of the EU. In December 2012, Member States reached an agreement on the design of the SSM. After discussions with the European Parliament (which were still ongoing at the time of writing), the process towards making the SSM operational can be initiated. The goal is to have the SSM fully up and running in the first half of 2014. The decisions that were taken in June 2012 are likely to have had a bigger impact than the eurozone’s Heads of State and Government could have realised at the time for two important reasons. On the one hand, creating the SSM necessitates a full Banking Union and therefore shared risk. On the other hand, the decisions improved the ECB’s perception of the willingness of governments to take far-reaching measures. This undoubtedly played a significant role in the creation of the Outright Monetary Transactions programme by the ECB, which has led to a substantial easing of the crisis in the short-term. 1 These short-term gains should now be matched with a stable long-term framework for bank supervision and crisis management. The agreement on the SSM should be the first step in the direction of this goal. This paper provides an analysis of the SSM and its role in the creation of a Banking Union. The paper starts with a reminder of why the EU decided to put in place the SSM (§1) and the state of play of the ongoing negotiations on the SSM (§2). Subsequently, the supervisory responsibilities of the SSM are detailed, including its scope and the division of labour between the national supervisors and the ECB (§3). The internal functioning of the SSM (§4) and its relation to the other supervisors are discussed afterwards (§5). As mentioned earlier, the SSM is part of a wider move towards a Banking Union. Therefore, this paper sheds light on the other building blocks of this ambitious project (§6). The transition towards the Banking Union is important and will prove to be a bumpy ride. Before formulating a number of conclusions, this Working Paper therefore provides an overview of the planned road ahead (§7).

EU Supervisory Cooperation Scaled Back at the Expense of Capital Markets Union. CEPS Commentary, 20 April 2015

Making capital markets union a success can only happen by reinforcing supervisory cooperation and creating enforceable rules, which in turn require strong institutions functioning at the EU level. In this CEPS Commentary, Karel Lannoo argues that scaling back the European Supervisory Authorities – the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) – is entirely counterproductive from that perspective. While the EU may have well established institutions at the national level, he insists that capital markets union requires EU-wide rules for issuers, investors and intermediaries alike.

Specification of Supervisory Control Systems for Ventricular Assist Devices

One of the most important recent improvements in cardiology is the use of ventricular assist devices (VADs) to help patients with severe heart diseases, especially when they are indicated to heart transplantation. The Institute Dante Pazzanese of Cardiology has been developing an implantable centrifugal blood pump that will be able to help a sick human heart to keep blood flow and pressure at physiological levels. This device will be used as a totally or partially implantable VAD. Therefore, an improvement on device performance is important for the betterment of the level of interaction with patient`s behavior or conditions. But some failures may occur if the device`s pumping control does not follow the changes in patient`s behavior or conditions. The VAD control system must consider tolerance to faults and have a dynamic adaptation according to patient`s cardiovascular system changes, and also must attend to changes in patient conditions, behavior, or comportments. This work proposes an application of the mechatronic approach to this class of devices based on advanced techniques for control, instrumentation, and automation to define a method for developing a hierarchical supervisory control system that is able to perform VAD control dynamically, automatically, and securely. For this methodology, we used concepts based on Bayesian network for patients` diagnoses, Petri nets to generate a VAD control algorithm, and Safety Instrumented Systems to ensure VAD system security. Applying these concepts, a VAD control system is being built for method effectiveness confirmation.

Education in Human Rights: Reflections on Power, Violence and Authority in the School

This article explores human rights and education based on an intervention experience conducted in three schools located in Sao Paulo City, which had as its main goal a substantial reduction in violence (2004-2005). The guideline was that education should be considered a basic human right, taking into consideration the power and authority relations that exist within this institution. What are the problems that we face, nowadays, to consider education as a human right, in the difficult Brazilian history? Is it possible to think about some kind of democratic authority within the school, when our vision of authority is linked to despotic leaders, or even when there is no space for any authority? How does this discussion associate with the violence in our daily life in school? These are some of the questions included in the debate proposed by this article.

Supervisory control of wastewater treatment plants by combining principal component analysis and fuzzy c-means clustering

In this paper a methodology for integrated multivariate monitoring and control of biological wastewater treatment plants during extreme events is presented. To monitor the process, on-line dynamic principal component analysis (PCA) is performed on the process data to extract the principal components that represent the underlying mechanisms of the process. Fuzzy c-means (FCM) clustering is used to classify the operational state. Performing clustering on scores from PCA solves computational problems as well as increases robustness due to noise attenuation. The class-membership information from FCM is used to derive adequate control set points for the local control loops. The methodology is illustrated by a simulation study of a biological wastewater treatment plant, on which disturbances of various types are imposed. The results show that the methodology can be used to determine and co-ordinate control actions in order to shift the control objective and improve the effluent quality.

The devolution of indigenous local government authority in Queensland: Opportunities for statutory planning

Government policy change to self detennination over the past two decades has gradually given rise to various structures of Indigenous self government across Australia. Indigenous Local Government Authorities (LGAs) are the governing structure which receive the greatest devolution of State authority, especially those found in Queensland and the Northern Territory. Their statutory basis has developed over a relatively short period of time and is still very much evolving. This paper explores what opportunities exist for Indigenous LGAs to adopt statutory planning mechanisms.